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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Chip McVickar who wrote (941)10/27/1998 5:50:00 PM
From: Henry Volquardsen  Read Replies (2) of 3536
 
Chip,

Interesring article.

First off that is pretty much what I was trying to say in this morning's post: Message 6178799
The bond market is much larger than the equity markets and Cramer is right, they are vital to the normal functioning of business. It is absolutely the Fed's first priority to unfreeze the bond markets.

Secondly he is right that the markets have been paralytic. At its worst it was the worse I've seen in my twenty plus year career. And yes a lot of firms are laying off people. But as usual Cramer is a little over the top in his apocalyptic fears. Last week was a good week. For the first time in a long time, since long before anyone was concerned about Long Term Capital, we saw 'real' buy and hold money coming into the market. I saw some stuff trade that hadn't traded in over a year. It is not enough yet but it is a start. We probably need to see a few more rate cuts, as Cramer says, before we finally turn the corner.

It is worth noting, btw, that the debt markets have been in the process of freezing up since the Asian economies started getting into trouble last year. Long Term Capital got in trouble because of the problems in the debt markets, they were not the initial cause.

Thirdly, Cramer is losing his touch. He didn't get around to mentioning his former employment at Goldman Sachs until the third paragraph. And he forgot to mention Harvard entirely. He must have been really excited.

Henry
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